These regulations will implement this new class of uninspected passenger vessel, provide for the issuance of special permits to uninspected vessels participating in a Marine Event of National Significance (e.g., OPSAIL 2000 and Tall Ships 2000), and develop specific manning, structural fire protection, operating, and equipment requirements for a limited fleet of PVSA-exempted vessels.

Under the Safety of Life at Sea (SOLAS) Convention, administered by the International Maritime Organization (IMO), vessels of any nation signatory to the convention and over a certain size or carrying more than 12 passengers and operating internationally must comply with the requirements of the Convention with regard to construction, safety equipment, manning, crew training, etc. Compliance is documented in a “SOLAS Certificate” issued by the ship’s national maritime authority.

This is not a ship that carries more than 12 passengers and i don't know if the size will make it a SOLAS ship, but let's admit it is.

US-registered vessels listed in this directory will generally fall into one of the following categories: Small Passenger Vessel, Sailing School Vessel, Oceanographic Research Vessel, and Uninspected Vessel. For each category there is a comprehensive set of regulatory requirements governing construction and arrangement, watertight integrity and stability, lifesaving and firefighting equipment, machinery and electrical systems, vessel control and equipment, and operations.

With the exception of Uninspected Vessels, all categories of US-registered vessel are subject to Coast Guard inspection on an annual basis. Upon satisfactory completion of the inspection, a Certificate of Inspection (COI) is issued, and must be permanently displayed on board the vessel. The COI spells out what waters the vessel may operate in (its authorized route), how many passengers or sailing school students may be carried, how many crew must be carried and what qualifications the master and crew must have, the requirement for and location of lifesaving and firefighting equipment, and so forth.

Although not inspected annually, Uninspected Vessels (which are generally vessels less than 65 feet in length and carrying 6 or fewer passengers for hire) must still comply with requirements for safety equipment and a licensed skipper. The type of COI to be issued to inspected vessels is determined by both the size and construction of the vessel and the operating intentions of the owner. Some vessels carry dual certification.
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Attraction Vessel certification is required whenever a vessel is open to public boarding or conducts dockside programs. The vessel may be permanently moored to a pier, or it may also be certified under one or more of the above subchapters, but the Attraction Vessel COI (ATCOI) certifies its safety for dockside programs and visitation only.

So the Bounty had to have an attraction vessel certification (and to be inspected on account of that) and, as an Uninspeted vessel, is not subject to Coast Guard inspection. But even if it was what would be verified would be the requirements for safety equipment and a licensed skipper. not the hull integrity and condition or the water tight condition.

If the boat was inspected in what regard water tight condition the boat would have failed because it needed to have the pumps working every hour even with the boat stationary as one member of the crew had stated.